Business - autumn 1 - LS1

Question 1

WHY new ideas come about

Answer 1

new technology
change in consumer demand
products or services becoming obsolete

Question 2

HOW new ideas come about

Answer 2

original ideas
adapting ideas

Question 3

what makes a good business idea

Answer 3

solves a problem
offers a cheaper way to do something
simple and practical
meets needs of target customer

Question 4

what are the rewards for starting a business

Answer 4

profit
success
independence

Question 5

what are the risks for starting a business

Answer 5

lack of financial security
business failure
financial loss

Question 6

what are the roles of a business enterprise

Answer 6

to provide goods and services
meet customers needs and wants
to add value

Question 7

what are the roles of an entrepreneur

Answer 7

organise resources
make business decisions
take risks

Question 8

what does tangible mean

Answer 8

u can touch it

Question 9

are goods tangible or intangible

Answer 9

tangible

Question 10

how do u calculate revenue

Answer 10

quantity sold x selling price

Question 11

how to calculate profit

Answer 11

revenue - total costs